Gwyneth Paltrow and Chris Martin may be “consciously uncoupling,” but sources say that the splitting pair will still be cohabitating in their new $14 million Malibu home.

It’s the latest twist in Hollywood’s most politically correct breakup.

Paltrow and Martin bought the John Lautner-designed mansion just days before announcing their split. Reports have speculated the house would be Martin’s bachelor pad, but music industry insiders say that the place actually includes two totally separate living spaces under one roof, so Paltrow and Martin can live together apart during their divorce.

“We . . . always will be a family, and in many ways we are closer than we have ever been,” Paltrow wrote in her now infamous post on her Web site Goop, adding that they will “consciously uncouple” and “co-parent” their two kids.

The lavish Malibu property was reportedly purchased under a new trust called Magical Kingdom Land, while the couple’s previous residences have been bought under the name Orchard House LLC.

Meanwhile, music insiders add that Martin wanted to wait to announce news of his and Paltrow’s separation until after his next album with Coldplay was released.

Coldplay is readying the release of their new album, “Ghost Stories,” in May, and the frontman and his record label Parlophone were hoping it would drop before the split. But an industry source said that when news began to leak that the couple’s marriage was on the rocks, Paltrow decided to pull the trigger to go public on Goop.

In Martin’s new song “Magic,” from the upcoming album, he sings, “And if you were to ask me after all that we’ve been through, ‘Still believe in magic?’ Well, yes, I do,” which fans have theorized hints at his relationship with the “Shakespeare in Love” star.